Stock Analysis on Net

Comcast Corp. (NASDAQ:CMCSA) 

Analysis of Long-term (Investment) Activity Ratios
Quarterly Data

Microsoft Excel

Long-term Activity Ratios (Summary)

Comcast Corp., long-term (investment) activity ratios (quarterly data)

Microsoft Excel
Mar 31, 2025 Dec 31, 2024 Sep 30, 2024 Jun 30, 2024 Mar 31, 2024 Dec 31, 2023 Sep 30, 2023 Jun 30, 2023 Mar 31, 2023 Dec 31, 2022 Sep 30, 2022 Jun 30, 2022 Mar 31, 2022 Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020
Net fixed asset turnover 1.95 1.98 1.99 2.00 2.04 2.04 2.08 2.12 2.13 2.19 2.26 2.27 2.23 2.15 2.15 2.07 1.99 1.99
Total asset turnover 0.46 0.46 0.46 0.46 0.46 0.46 0.46 0.46 0.46 0.47 0.48 0.46 0.44 0.42 0.41 0.39 0.37 0.38
Equity turnover 1.43 1.45 1.43 1.46 1.48 1.47 1.46 1.43 1.46 1.50 1.51 1.33 1.27 1.21 1.19 1.15 1.13 1.15

Based on: 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).


Net Fixed Asset Turnover
The net fixed asset turnover ratio showed an upward trend from the first reported quarter (March 31, 2020) through to December 31, 2021, increasing from 1.99 to a peak of 2.27. This indicates improving efficiency in utilizing fixed assets to generate sales during this period. However, from December 31, 2021, onward, the ratio demonstrated a gradual decline, reaching 1.95 by March 31, 2025. This suggests a reduction in asset utilization efficiency over the latter periods.
Total Asset Turnover
The total asset turnover ratio gradually increased from 0.38 at March 31, 2020, to 0.48 by December 31, 2021, indicating progressively better overall asset utilization. After peaking, the ratio stabilized around 0.46 from March 31, 2022, through March 31, 2025, implying a sustained but plateaued level of efficiency in generating sales from the total assets.
Equity Turnover
Equity turnover showed consistent improvement from 1.15 in the initial period to a maximum of 1.51 at December 31, 2021, reflecting enhanced efficiency in generating revenue from shareholders' equity. Subsequent quarters experienced a moderate decline and some fluctuation, stabilizing around 1.43 to 1.48 from March 31, 2022, through March 31, 2025, indicating a relatively steady but slightly reduced rate of equity utilization in recent periods.

Net Fixed Asset Turnover

Comcast Corp., net fixed asset turnover calculation (quarterly data)

Microsoft Excel
Mar 31, 2025 Dec 31, 2024 Sep 30, 2024 Jun 30, 2024 Mar 31, 2024 Dec 31, 2023 Sep 30, 2023 Jun 30, 2023 Mar 31, 2023 Dec 31, 2022 Sep 30, 2022 Jun 30, 2022 Mar 31, 2022 Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020
Selected Financial Data (US$ in millions)
Revenue 29,887 31,915 32,070 29,688 30,058 31,253 30,115 30,513 29,691 30,552 29,849 30,016 31,010 30,336 30,298 28,546 27,205 27,708 25,532 23,715 26,609
Property and equipment, net of accumulated depreciation 63,292 62,548 61,775 60,507 59,918 59,686 58,165 56,851 56,279 55,485 53,555 53,508 53,820 54,047 52,809 52,769 52,317 51,995 50,466 48,985 48,442
Long-term Activity Ratio
Net fixed asset turnover1 1.95 1.98 1.99 2.00 2.04 2.04 2.08 2.12 2.13 2.19 2.26 2.27 2.23 2.15 2.15 2.07 1.99 1.99
Benchmarks
Net Fixed Asset Turnover, Competitors2
Alphabet Inc. 1.94 2.05 2.11 2.17 2.22 2.29 2.36 2.39 2.42 2.51 2.60 2.62 2.59 2.64 2.53 2.40 2.25 2.15
Meta Platforms Inc. 1.28 1.36 1.39 1.45 1.44 1.40 1.38 1.37 1.39 1.47 1.60 1.77 1.94 2.04 2.09 2.06 1.98 1.88
Netflix Inc. 24.43 24.47 23.97 24.03 23.27 22.61 21.85 21.83 22.58 22.61 22.93 22.78 21.97 22.44 23.47 24.91 25.99 26.03
Take-Two Interactive Software Inc. 12.80 13.01 13.48 13.87 13.63 13.28 13.40 12.97 12.64 14.48 14.47 14.58 14.92 22.58 24.35 25.21 26.22 23.42
Walt Disney Co. 2.43 2.47 2.50 2.51 2.52 2.54 2.54 2.52 2.47 2.46 2.42 2.33 2.23 2.07 1.96 1.82 1.88 2.04 2.19 2.43 2.36

Based on: 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).

1 Q1 2025 Calculation
Net fixed asset turnover = (RevenueQ1 2025 + RevenueQ4 2024 + RevenueQ3 2024 + RevenueQ2 2024) ÷ Property and equipment, net of accumulated depreciation
= (29,887 + 31,915 + 32,070 + 29,688) ÷ 63,292 = 1.95

2 Click competitor name to see calculations.


Revenue Trends
Revenue shows notable fluctuations across the quarters from 2020 to 2025. Initially, there is a dip in the second quarter of 2020 followed by a recovery towards the end of 2020. Throughout 2021, revenue generally increased, peaking in the fourth quarter. However, in 2022, the trend is less consistent with some quarters showing declines. The revenue surged again late 2023 into 2024, reaching its highest level in the third quarter of 2024 at 32,070 million USD, followed by a slight decrease in the last quarter of 2024 and continuing into the first quarter of 2025.
Property and Equipment, Net of Accumulated Depreciation
The net value of property and equipment exhibits a steady increase from 48,442 million USD in the first quarter of 2020 to 63,292 million USD by the first quarter of 2025. This consistent upward trend indicates ongoing capital investments or the accumulation of fixed assets over time, with no observed periods of decline.
Net Fixed Asset Turnover Ratio
This ratio, observed from the fourth quarter of 2020 onwards, indicates a gradual decline over the period analyzed. It starts at 1.99 and peaks slightly at 2.27 in the third quarter of 2022, then trends downward to 1.95 by the first quarter of 2025. The decrease in turnover ratio suggests that the efficiency in generating revenue from fixed assets has mildly declined, even as the asset base grew.
Overall Insights
The data indicates a firm with growing asset investments but facing some volatility in revenue generation. The drop in net fixed asset turnover implies that the rate of revenue growth has not kept pace proportionally with asset accumulation. This pattern may warrant a review of asset utilization or revenue optimization strategies to enhance overall operational efficiency.

Total Asset Turnover

Comcast Corp., total asset turnover calculation (quarterly data)

Microsoft Excel
Mar 31, 2025 Dec 31, 2024 Sep 30, 2024 Jun 30, 2024 Mar 31, 2024 Dec 31, 2023 Sep 30, 2023 Jun 30, 2023 Mar 31, 2023 Dec 31, 2022 Sep 30, 2022 Jun 30, 2022 Mar 31, 2022 Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020
Selected Financial Data (US$ in millions)
Revenue 29,887 31,915 32,070 29,688 30,058 31,253 30,115 30,513 29,691 30,552 29,849 30,016 31,010 30,336 30,298 28,546 27,205 27,708 25,532 23,715 26,609
Total assets 267,770 266,211 269,871 262,555 263,601 264,811 261,072 262,147 259,429 257,275 254,308 267,032 274,074 275,905 277,061 277,004 278,511 273,869 268,940 265,978 262,421
Long-term Activity Ratio
Total asset turnover1 0.46 0.46 0.46 0.46 0.46 0.46 0.46 0.46 0.46 0.47 0.48 0.46 0.44 0.42 0.41 0.39 0.37 0.38
Benchmarks
Total Asset Turnover, Competitors2
Alphabet Inc. 0.76 0.78 0.79 0.79 0.78 0.76 0.75 0.76 0.77 0.77 0.79 0.78 0.76 0.72 0.69 0.66 0.60 0.57
Meta Platforms Inc. 0.61 0.60 0.61 0.65 0.64 0.59 0.59 0.58 0.64 0.63 0.66 0.70 0.73 0.71 0.66 0.61 0.58 0.54
Netflix Inc. 0.77 0.73 0.72 0.74 0.72 0.69 0.66 0.63 0.64 0.65 0.66 0.67 0.67 0.67 0.67 0.67 0.66 0.64
Take-Two Interactive Software Inc. 0.42 0.44 0.36 0.36 0.36 0.34 0.29 0.25 0.21 0.54 0.54 0.51 0.53 0.56 0.55 0.58 0.63 0.62
Walt Disney Co. 0.47 0.47 0.46 0.46 0.45 0.43 0.43 0.42 0.42 0.41 0.40 0.38 0.36 0.33 0.31 0.29 0.30 0.32 0.34 0.38 0.37

Based on: 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).

1 Q1 2025 Calculation
Total asset turnover = (RevenueQ1 2025 + RevenueQ4 2024 + RevenueQ3 2024 + RevenueQ2 2024) ÷ Total assets
= (29,887 + 31,915 + 32,070 + 29,688) ÷ 267,770 = 0.46

2 Click competitor name to see calculations.


The revenue of the company exhibits fluctuations over the examined periods with a general upward tendency from the start of 2020 through the end of 2021, followed by variability without a clear trend up to the first quarter of 2025. Specifically, revenue reached a peak around the fourth quarter of 2021, surpassing 30 billion US dollars. Subsequent quarters show alternating decreases and increases, demonstrating some instability in sales or service income. The highest recorded revenue occurred in early 2025, reaching approximately 32 billion US dollars, indicating a resurgence relative to prior quarters.

Total assets display mild volatility with a slight upward trajectory from early 2020 until early 2021, reaching above 278 billion US dollars. Following this peak, total assets gradually declined through most of 2022 before stabilizing around the 260 billion US dollar mark. The data suggests some asset reduction or repositioning during 2022, but overall asset levels remained relatively stable, hovering near 260 billion US dollars through to the beginning of 2025.

The total asset turnover ratio illustrates a consistent and incremental improvement from the third quarter of 2020 onward. Starting at a ratio of 0.38, the turnover ratio increased steadily, reaching 0.48 by the fourth quarter of 2022. After this peak, the ratio plateaued, maintaining a steady figure of approximately 0.46 through to the first quarter of 2025. This underlying improvement suggests enhanced efficiency in generating revenue from assets during the observed period, with gains stabilizing in the more recent years.


Equity Turnover

Comcast Corp., equity turnover calculation (quarterly data)

Microsoft Excel
Mar 31, 2025 Dec 31, 2024 Sep 30, 2024 Jun 30, 2024 Mar 31, 2024 Dec 31, 2023 Sep 30, 2023 Jun 30, 2023 Mar 31, 2023 Dec 31, 2022 Sep 30, 2022 Jun 30, 2022 Mar 31, 2022 Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020
Selected Financial Data (US$ in millions)
Revenue 29,887 31,915 32,070 29,688 30,058 31,253 30,115 30,513 29,691 30,552 29,849 30,016 31,010 30,336 30,298 28,546 27,205 27,708 25,532 23,715 26,609
Total Comcast Corporation shareholders’ equity 86,638 85,560 85,774 83,219 82,549 82,703 82,625 84,119 82,421 80,943 80,296 91,426 94,693 96,092 95,782 94,935 92,575 90,323 86,176 83,614 81,506
Long-term Activity Ratio
Equity turnover1 1.43 1.45 1.43 1.46 1.48 1.47 1.46 1.43 1.46 1.50 1.51 1.33 1.27 1.21 1.19 1.15 1.13 1.15
Benchmarks
Equity Turnover, Competitors2
Alphabet Inc. 1.04 1.08 1.08 1.09 1.09 1.08 1.09 1.08 1.09 1.10 1.11 1.09 1.06 1.02 0.98 0.93 0.86 0.82
Meta Platforms Inc. 0.92 0.90 0.95 0.96 0.95 0.88 0.89 0.90 0.94 0.93 0.95 0.95 0.97 0.94 0.84 0.76 0.71 0.67
Netflix Inc. 1.67 1.58 1.65 1.64 1.63 1.64 1.48 1.41 1.46 1.52 1.53 1.63 1.73 1.87 1.87 1.99 2.05 2.26
Take-Two Interactive Software Inc. 0.90 0.94 0.63 0.65 0.62 0.59 0.51 0.46 0.39 0.92 0.93 0.97 0.93 1.01 1.04 1.16 1.27 1.22
Walt Disney Co. 0.91 0.91 0.89 0.90 0.88 0.90 0.90 0.89 0.88 0.87 0.88 0.85 0.81 0.76 0.73 0.68 0.72 0.78 0.81 0.87 0.84

Based on: 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).

1 Q1 2025 Calculation
Equity turnover = (RevenueQ1 2025 + RevenueQ4 2024 + RevenueQ3 2024 + RevenueQ2 2024) ÷ Total Comcast Corporation shareholders’ equity
= (29,887 + 31,915 + 32,070 + 29,688) ÷ 86,638 = 1.43

2 Click competitor name to see calculations.


The quarterly financial data reveal several notable trends and patterns in the company's revenue, shareholders’ equity, and equity turnover ratios over the period analyzed.

Revenue
Revenue demonstrated some volatility but generally showed a trend of modest growth over the reported quarters. Starting at 26,609 million USD in the first quarter of 2020, revenue fluctuated with some quarterly declines such as in June 2020 (23,715 million USD) and June 2022 (30,016 million USD) but rebounded in subsequent quarters. The revenue peaked at 32,070 million USD in March 2024, indicating an upward momentum in recent quarters, although a slight decrease occurred in the next quarter (31,915 million USD) and more notably in the last quarter reported (29,887 million USD).
Total Comcast Corporation Shareholders’ Equity
Shareholders’ equity showed an overall increasing trend through 2020 and 2021, rising from 81,506 million USD in March 2020 and reaching a high point of 96,092 million USD in December 2021. However, from 2022 onward, equity values exhibited a decline, dropping to as low as 80,296 million USD in September 2022 before recovering marginally to the range of 82,000 to 86,000 million USD in the most recent quarters. This indicates possible challenges or fluctuations affecting retained earnings or equity adjustments during this period.
Equity Turnover Ratio
The equity turnover ratio, reflecting efficiency in generating revenue from shareholders' equity, showed steady improvement from 1.15 in March 2020 to a high of 1.51 in December 2022. Post this peak, the ratio slightly declined and stabilized around 1.43 to 1.48 in the subsequent quarters up to March 2025. The upward trajectory between 2020 and 2022 suggests improving operational efficiency, while the slight reduction afterward may reflect stabilization or the impact of increased equity or stabilized revenue growth.

Overall, revenue growth has been positive albeit with periods of volatility, shareholders’ equity has experienced a peak and subsequent correction phase, and equity turnover ratios indicate improvements in operational efficiency with some recent stabilization. The data imply a period of strong performance followed by adjustments likely driven by external or internal financial factors influencing equity levels.